Union Bank grew profit by 14.09% in Q1 2020

 

Union Bank of Nigeria on Wednesday released its financial report for the three months ended 31 March 2020.

In the unaudited financial statement, the financial institution reported gross earnings of N43.91 billion, up by 16.55 percent when compared to the gross earnings of N37.67 billion reported in the first quarter of 2019.

Profit before tax for the period under review was N6.298 billion, up by 15.81 percent when compared the pre-tax profit of N5.438 billion in Q1 2019.

Profit after tax grew by 14.09 percent to close the first quarter of 2020 at N6.017 billion from N5.274 billion reported in the first quarter of 2019.

The earnings per share of the bank is currently 21 kobo, up by 14.09 percent from the earnings per share of 18 kobo in Q1 2019.

With reference to the share price of N6.75, the P.E ratio of Union Bank is calculated as 32.14x with earnings yield of 3.11%

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